Azure Consulting prepaid $45,000 for a 5-year professional liability insurance policy on March 1. How much will be recorded as prepaid insurance at the end of the third year?
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- A life insurance company issues a 10-year term insurance policyto a life aged 50, with sum insured $100 000. Level premiums are payablemonthly in advance throughout the term. You are given the following premium assumptions. (i) Commission is 20% of each premium payment in the first year (incurredat the premium payment times) and 5% of all premiums after the firstyear. (ii) Additional initial expenses are $100. (iii) Claim expenses are $250. (iv) The sum insured and claim expenses are payable one month after the dateof death. (v) Mortality follows the Standard Select Life Table, with UDD betweeninteger ages.(vi) i = 5%. Calculate the gross monthly premium.On july 1, Shady creek resort borrowed 290,000 cash by signing a 10 year, 10% installment note requiring equal payments each june 30 of 47,196. what amount of interest expense will be included in the first annual payment?On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What amount of principal will be included in the first annual payment?
- On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance premiums and recorded the funds in Unearned Revenue. Umbrella records insurance revenue on a monthly basis. How much will be in the Unearned Revenue account on November 30, 2021?On October 1, 2024, Green Corporation loans one of its employees $26,000 and accepts a 12-month, 8% note receivable. Calculate the amount of interest revenue Green will recognize in 2024 and 2025.On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12-month, 9% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2021 and 2022.
- On May 11, you get a 9% $1,800 furniture loan with monthly payments of $80. Your first payment is due June 11. What is the balance after your first payment, assuming the lender receives your payment on June 8?On each December 31, you plan to transfer $2,000 from your checking account into an investmentaccount. The investment account will earn 4 percent annual interest, which will be added to theaccount balance at each year-end. The first deposit will be made December 31, 2015 (at the end ofthe period).Required (show computations and round to the nearest dollar):1. What will be the balance in the account at the end of the 10th year (i.e., 10 deposits)?2. What is the total amount of interest earned on the 10 deposits?3. How much interest revenue did the fund earn in 2016? 2017?On October 31st, David signed a 4-month, $5,000 simple interest loan earning 7. Find the maturity date, interest, and maturity value.
- On April 15, 2024, Sampson Consulting provides services to a customer for $109,000. To pay for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2024, and one-half month of interest revenue in April 2027.) Required: 1. Record the acceptance of the note on April 15, 2024. 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on April 15, 2025 and 2026. 3. Record the cash collection on April 15, 2027. Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheetOn February 1, 2021, a company loans one of its employees $21,000 and accepts a nine-month, 8% note receivable. Calculate the amount of interest revenue the company will recognize in 2021.On April 15, 2024, Sampson Consulting provides services to a customer for $99,000. To pay for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2024, and one-half month of interest revenue in April 2027.) Required: 1. Record the acceptance of the note on April 15, 2024. 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on April 15, 2025 and 2026. 3. Record the cash collection on April 15, 2027.